The non-fungible tokens (NFTs) market is exploding in popularity. Prior to 2021, only a small group of investors saw the potential for significant earnings in NFTs. Yet, the course of the market took a massive turn at the start of the year, and it does not seem to be slowing down anytime soon.
“Even though we see huge growth in popularity, NFTs are still unknown to the majority of the population. Investors see this as a massive opportunity for early adopters, as profits could be exceedingly high when these digital assets go mainstream,” says Tadas Maurukas, CEO at the Blockchain Centre.
Blockchain Centre analyzed the Google Trends platform data and found that global interest in NFTs jumped by 426% in August 2021.
The interest in Google queries for the phrase “how to buy NFT” on August 1, 2021, was 19, while at the end of the month – on August 29, 2021, the score increased to 100.
Queries for “how to buy NFT” on Google reached a score of 100, which means this is the highest volume of searches in 2021 YTD.
On July 30, 2021, Coca-Cola has auctioned its first non-fungible token collectibles as a fundraiser to commemorate International Friendship Day. Not to mention that some of the most well-known names worldwide, like Jay-Z and Katy Perry, also jumped into the market.
Such events, among others, are bringing NFTs into the mainstream and spurring unprecedented growth.
Interest in NFTs by country
Like in most cases, some regions adopt new technologies faster than others.
The research reveals that Singapore is the country most interested in digital assets, with a score of 100 in August 2021. Singapore is followed by Australia (score of 86) and Nigeria (score of 70).